July 11, 2013

  • Crude oil hour chart shows price testing the hourly cloud.
  • 4 Hour chart shows price testing the up trend line.
  • Weekly Triangle breakout is getting tested. Bears need price to fall back into the pattern.

  • Facebook Daily chart shows price nearing multiple resistance levels.
  • For the up move to sustain price must close above the falling resistance line from 32.50 levels.
  • Above 100 Day SMA price should move towards the resistance line. Weakness if price is unable to close above 100 Day sma

  • HPQ Daily chart shows price testing a possible resistance line. This line must be crossed for a bigger up move to happen.
  • Second chart with Fib levels in weekly chart shows price testing 78.6% Fib level. This level must be crossed on weekly closing basis for a possible move towards 30 Levels to happen.
  • Monthly chart too shows price inching up towards upper Bollinger band which is near 30 Levels.

  • Silver four hour chart shows a triangle breakout.
  • But Daily chart shows price still trading below crucial resistance levels. Strength can be seen above 20.24 levels. Above that there is the 50 Day SMA Which has to be crossed for a bigger up move to happen.

  • ES broke above the resistance level and is moving towards the recent High's shown here in the Daily time frame.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore